Our utility audits find the ways you’re overspending and find the solutions you need to stop.
Most people aren’t aware that a utility and telecom audit is even an option for them. So today, we’re going to discuss what a utility audit is, and how it can help you.
A utility audit is an extensive analysis of all electric, gas, water and sewer bills. The audit finds billing discrepancies and reviews rate plan efficacy.
There are three parts to a utility and telecom audit:
Research - We take a look at all service agreements and your invoice history in order to get a clear idea not only of what you’re currently paying for, but what your true service needs really are.
Review - We conduct a remote review all possible aspects of your utility and telecom processes. We speak with site managers to clear up service questions, and we get in touch with your service providers if there seem to be billing discrepancies.
Recommendations - After reviewing your services, we present your tailor-made solutions. We may be able to renegotiate your contracts, or we may recommend other less expensive service providers. We implement the solutions on your behalf, but only after your full approval.
This process is tailored to find every savings opportunity available to you to reduce and eliminate expensive or inefficient utility and telecom services.
There are thousands of utility auditors out there, but we share the goal of helping our clients save on utility and telecom expenses. Specific processes may differ from auditor to auditor, so the audit process we describe below may not describe every auditor’s approach. Below, we’ll give you an inside look at our audit process and show you the different aspects we analyze.
Research: Gather Needed Information for Utility and Telecom Audit
In our utility audit program, we first gather all the documents they need to review your utilities. We need 12 months of bills for all utilities: electric, gas, water, and sewer. 12 months may seem like a lot, but it’s necessary. Looking at 12 months of history gives us the context we need to evaluate what your bench line costs currently are.
We are typically able to get started with just the most current invoice copy for each account and then pull the historical invoice copies from your utility vendor’s online billing portal.
Most companies are able to get us invoice or log-on information in just a few hours.
Review: Examine All Utility and Telecom Bills and Options
Once we have all necessary documentation, we do the following for each location or property:
Analyze the energy usage number vs. the current meter reading. Is there a discrepancy in these numbers? Is one much larger than the other? That would be the first indication that something is off.
Look for billing errors. Do your rates or fees jump in the past year? Are there typos? Does everything add up like it should? Looking over the past year of expense trends makes price fluctuation much clearer.
After we’ve reviewed the documentation, we’re able to take a step back and evaluate rate structures, trends, and tax exemptions.
A lot of companies have inefficient rate structures - and you may not realize that a better rate structures are available to you. We look at all opportunities available to you so you can stop overspending.
We also evaluate growth trends - and not just once. Price jumps may happen seasonally, as with electric bills. But there can be other reasons for utility price hikes. The utility supplier may have made a mistake, or you may have just renovated one of your buildings. A third-party auditor will find the delineation between charges that are fair and those that are questionable.
A good utility auditor won’t just stop with examining bills, rate structures, and trends. They’ll also look into tax exemptions. Different cities and states have different exemption opportunities in place, so a utility auditor that goes above and beyond will find the best options available to you.
Recommendations: Take Advantage of Savings Opportunities
After we’ve looked over all of your utility and telecom bills and reviewed additional savings opportunities, we present them to you. We always show the bottom line: how much you can potentially save in each utility area by taking these recommended steps.
And based on your unique situation, we may show you some or all of the following:
Different vendor recommendations
Rate structure options
Tax Exemption options
Credits due
The findings vary, but identify cost reduction opportunities for over 80% of the companies that engage in our services.
Most of our audits take 30-90 days, depending on how many locations are in your portfolio.
You may not have the time or expertise to complete a thorough utility audit, but you can absolutely reap the benefits of one. Utility audits can massively benefit your bottom line - and can ease any residual fears you may have about billing mistakes and price spikes.